What is the form of the establishment and operation license of an insurance enterprise in Vietnam? Where to download files?
- What is the form of the establishment and operation license of an insurance enterprise in Vietnam?
- What are the procedures for applying for a license for establishment and operation of an insurance enterprise in Vietnam?
- What are the general conditions for granting the establishment and operation license of an insurance enterprise in Vietnam?
What is the form of the establishment and operation license of an insurance enterprise in Vietnam?
Pursuant to the provisions in Appendix II issued together with Decree 46/2023/ND-CP stipulating the form of establishment and operation license of an insurance enterprise has the following form:
Download the form of establishment and operation license of an insurance enterprise: here
What is the form of the establishment and operation license of an insurance enterprise in Vietnam? Where to download files?
What are the procedures for applying for a license for establishment and operation of an insurance enterprise in Vietnam?
Pursuant to the provisions of Article 16 of Decree 46/2023/ND-CP stipulates as follows:
Order and procedures for applying for an establishment and operation license
1. Organizations and individuals applying for establishment and operation licenses shall prepare dossiers according to the provisions of this Decree; submitted directly at the Ministry of Finance or sent by post or through the online public service system if eligible to apply.
2. Within 30 days from the date of receipt of the application for a license, if the application is incomplete and invalid, the Ministry of Finance shall notify in writing of the request for supplementation or modification of the application. The maximum time limit for supplementing or amending the investor's dossier is 06 months from the date of notification. In case the investor fails to supplement or amend the dossier within the prescribed time limit, the Ministry of Finance will refuse to consider and grant the License.
The maximum time for organizations and individuals to supplement or amend their dossiers is 12 months from the date of the first notice by the Ministry of Finance. Past the above time limit, if organizations or individuals fail to complete dossiers and documents, the Ministry of Finance has the right to refuse to consider and grant licenses.
3. Within 60 days from the date of receipt of complete and valid dossiers, the Ministry of Finance shall grant establishment and operation licenses to insurance enterprises, reinsurance enterprises and foreign branches in Vietnam according to the Appendix. II promulgated together with this Decree. In case of refusal to grant a License, the Ministry of Finance shall issue a written explanation clearly explaining the reasons therefor. The Ministry of Finance may only refuse to grant a License when the organization or individual contributing capital or the insurance enterprise, reinsurance enterprise or foreign branch to be established in Vietnam does not fully satisfy the conditions, application for a license as prescribed in this Decree or an organization or individual that cheats or forges papers and documents specified in Clause 3, Article 15 of this Decree.
Accordingly, the procedures for applying for the establishment and operation license of an insurance enterprise are as follows:
Step 1: Organizations and individuals applying for establishment and operation licenses prepare dossiers and submit them directly at the Ministry of Finance or send them by post or via the online public service system if they are eligible to apply.
Step 2: Within 30 days from the date of receipt of the application for a license, if the application is incomplete and invalid, the Ministry of Finance shall notify in writing of the request for supplementation or modification of the application.
The maximum time limit for supplementing or amending the investor's dossier is 06 months from the date of notification. In case the investor fails to supplement or amend the dossier within the prescribed time limit, the Ministry of Finance will refuse to consider and grant the License.
The maximum time for organizations and individuals to supplement or amend their dossiers is 12 months from the date of the first notice by the Ministry of Finance. Past the above time limit, if organizations or individuals fail to complete dossiers and documents, the Ministry of Finance has the right to refuse to consider and grant licenses.
Step 3: Within 60 days from the date of receipt of complete and valid dossiers, the Ministry of Finance shall grant the establishment and operation license to the insurance enterprise.
The Ministry of Finance may only refuse to grant a License when the organization or individual participating in capital contribution or the insurance enterprise to be established does not fully meet the conditions, the application for a License or the organization or individual commits fraud. forge documents, documents
What are the general conditions for granting the establishment and operation license of an insurance enterprise in Vietnam?
Pursuant to the provisions of Article 64 of the Law on Insurance Business 2022, it is stipulated as follows:
General licensing conditions applicable to insurance companies and reinsurance companies
1. Licensing conditions concerning founding shareholders or members:
a) In order to obtain business licences or permits, entities and persons applying for these licenses or permits must have the rights of business incorporation and management in Vietnam under the Corporate Law;
b) In order to obtain business licences or permits, entities applying for these licenses or permits need to have legal personality and is operating in Vietnam; if each entity makes at least 10% of capital contribution, they must ensure that they generate profits within 03 consecutive fiscal years immediately before the date of submission of application packages for these licenses or permits, and must meet financial conditions in accordance with the Government’s regulations;
c) In order to obtain business licences or permits, insurers and reinsurers previously licensed for their establishment and operation in Vietnam that contribute capital to set up insurance companies; new reinsurers must generate business profits during 03 consecutive years immediately before the date of submission of application packages for these licenses and permits, and must meet the prudential ratio or the minimum required capital requirement specified herein.
2. Licensing conditions concerning capital or assets:
a) The amount of Vietnamese-dong contribution to the charter capital must not be less than the minimum required amount of charter capital under the Government’s regulations;
b) Founding shareholders and capital-contributing members shall not be allowed to contribute borrowed funds or funds or assets held in trust for other entities and persons for equity participation purposes.
3. Licensing conditions concerning personnel: Any nominee for a Chairperson of the Board of Directors or Chairperson of the Board of Members, Director or General Director, legal representative or actuary in an entity applying for such business licence and permit must meet managerial competency and qualification conditions and standards prescribed in Article 81 herein.
4. The applicant for such business licence and permit must choose their business type in accordance with this Law and must have the draft charter conforming to the regulations of the Corporate Law.
According to the above provisions, an insurance enterprise is granted a license for establishment and operation when meeting the above general conditions.
LawNet